The Korea Herald

Nine officials to determine fate of Lone Star

Nov 17, 2011

The nine-member panel of the Financial Services Commission is scheduled to unveil its measures against Lone Star Funds, convicted of stock rigging, on Friday, which will possibly mark a historic event.The members include FSC chairman Kim Seok-dong, Financial Supervisory Service Gov. Kwon Hyouk-se, FSC vice chairman Choo Kyung-ho, Korea Deposit Insurance Corp. president Lee Seung-woo and Bank of Korea senior deputy Gov. Lee Ju-yeol.Kim clarified that the panel will decide on its action “according
Political rumors fueling volatility in stock market

Nov 17, 2011

Artificial thematic grouping of shares spawns manipulation in stock marketsWith the presidential election set for next year, a growing number of Korean stocks are being linked to a slew of groundless ― often meticulously manipulated ― rumors in a way that fuels more volatility on the local bourse.Korea Exchange and brokerage data showed on Thursday that at least 60 stocks are estimated to be changing hands on the KOSPI and KOSDAQ under the category “election-themed” shares.It is no new phenomeno
Seoul shares end up 1.1% on tech, refiner gains

Nov 17, 2011

South Korean stocks closed 1.1 percent higher on Thursday as gains of tech shares, refiners and shipbuilders propped up the market despite persisting concerns about the eurozone debt turmoil, analysts said. The local currency rose against the U.S. dollar.After trading in a tight range, the benchmark Korea Composite Stock Price Index (KOSPI) rose 20.60 points to close at 1,876.67, snapping a two-session losing streak. Trading volume was moderate at 348.7 million shares worth 4.67 trillion won ($4
Uniqlo posts record daily sales at new flagship store

IndustryNov 17, 2011

Japanese clothing retailer Uniqlo logged 2 billion won ($1.7 million) in a single day’s sales on Nov. 11 when it opened Asia’s largest flagship store in central Seoul. The sales figure was the highest-ever set by a fashion outlet in Korea, industry sources said Thursday. The previous record was the 460 million won that French luxury brand Chanel earned last year at a new store in southern Seoul. Uniqlo said special deals offered for the first three days of opening likely played a pivotal role in
Moody's cuts S. Korea's growth outlook for 2012

Nov 17, 2011

SEOUL, Nov. 17 (Yonhap) -- Moody's Investors Service on Thursday downgraded its forecast of South Korea's economic growth for next year, citing weakening exports and sluggish domestic demand.The global credit appraiser predicted the South Korean economy would expand 3.5-4.0 percent next year, compar
‘Korea capable of more stimulus without negative rating results’

Nov 17, 2011

Public finance in Korea is healthy enough for the government to provide more stimulus without negative consequences for its sovereign debt rating, senior vice president of Moody’s Sovereign Risk Group for Asia said Thursday.Although Korea would remain relatively less vulnerable to the ongoing debt saga in Europe, its “modest” amount of public debt leaves Seoul more room for additional policy accommodation should growth stalls further, Tom Byrne told reporters in Seoul.“Korea has good financial g
New knowledge economy minister faces mountain of challenges

IndustryNov 17, 2011

Hong Suk-woo secured support as a “man with no enemies” at the helm of the two state-run agencies but now faces hurdles surrounding knotty issues such as power supplies, fuel prices and co-prosperity between large and small firms.Hong, a former chief of the Korea Trade-Investment Promotion Agency and the Small & Medium Business Administration, was sworn in as Knowledge Economy Minister on Thursday.The swift approval of Hong’s nomination following a parliamentary hearing on Tuesday underlines a m
Court rules in favor of gov't in suit filed by N.K. sanction victim

Social affairsNov 17, 2011

SEOUL, Nov. 17 (Yonhap) -- A Seoul court on Thursday ruled in favor of the government in a case that underscored the economic hardship risked by South Korean companies that have business ties with North Korea.NFN, a small local company that had produced clothing made by North Korean workers in Pyongyang since 2007, filed a suit demanding compensation of about 2.1 billion won (US$1.8 million) from the government for the economic damage the company suffered following the South's sanctions on the N
Student attacks on teachers increase

Social affairsNov 17, 2011

Views differ over ordinance against corporal punishmentA third grade student at a middle school in Daegu hit his vice principal in the head and stomach several times on Nov. 1 because he confiscated his cigarette.On the same day, the father of a sixth grade elementary school student in Gwangju threw a chair at his daughter’s homeroom teacher after he was dissatisfied with the way the teacher disciplined his child.The two cases are the latest incidents in which students or parents have attacked t
New conservative party in the making

PoliticsNov 17, 2011

Park Se-il moves to form a center-right political party ahead of next year’s electionsAmid moves to create alternative political parties ahead of general elections next year, a former right-wing lawmaker seeks to form a new party embracing both conservatives and moderate liberals.Park Se-il, president of the Hansun Foundation, who has spoken for right wing conservatives and often raised issues about North Korean human rights, drew attention last week by saying that he was preparing to create a n
IFC Seoul opens its doors after 9-year wait

Social affairsNov 17, 2011

The International Finance Center Seoul opened its doors Thursday after a nine-year wait.Construction of all three towers, which began in 2006 after three years of development, is expected to be finished by the end of 2012.According to Seoul Metropolitan Government, 16 global financial institutions have concluded contracts and begun moving into One IFC.Those attending the opening ceremony included AIG Global Real Estate Managing Director John Whitaker and AIG Korean Real Estate Development Presid
Minister says Seoul not seeking N.K.’s collapse

North KoreaNov 17, 2011

South Korea is not seeking North Korea’s collapse, a top Seoul official in charge of relations with Pyongyang said Thursday, in an apparent move aimed at dispelling North Korea’s distrust toward South Korea.North Korea has repeatedly accused South Korea of plotting to absorb its impoverished northern neighbor as a way to achieve unification of the Korean Peninsula.“Unification through absorption leads to war,” the Disarmament and Peace Institute of North Korea’s Foreign Ministry said in a statem
S. Korea, U.S., Japan to hold talks on N. Korea in Bali

North KoreaNov 17, 2011

Senior diplomats from South Korea, the United States and Japan will hold trilateral talks in Indnesia on Thursday to coordinate their joint strategy on the North Korean nuclear standoff, a Seoul official said. The trilateral meeting, to be held later in the day ahead of the 18-nation East Asia Summit in Bali, will be led by Lim Sung-nam, Seoul’s chief envoy to the stalled six-nation talks on ending the North’s nuclear weapons programs, his Japanese counterpart Shinsuke Sugiyama and Kurt Campbell
Korean envoy to rev up public diplomacy in U.S.

Foreign affairsNov 17, 2011

WASHINGTON (Yonhap News) ― The South Korean ambassador to the U.S., Han Duck-soo, plans to visit four U.S. states later this month as part of efforts to reach out to ordinary people under an annual “Ambassadors’ Dialogue on Korea” program, the Korea Economic Institute said Wednesday.Han will be accompanied by former U.S. ambassador to Seoul Kathleen Stephens and Jack Pritchard, president of the KEI, on the five-day tour of Missouri, Utah, Nevada and Arizona to start on Nov. 29, according to the
UNESCO Creative Cities Network adopts Seoul declaration

Social affairsNov 17, 2011

An international conference of cities with strong cultural assets and diversity adopted a declaration on Thursday in Seoul, calling for regular meetings and a common vision of “sustainable development based on creativity.”The UNESCO Creative Cities Network Conference, hosted by the Seoul city government Nov. 16 and 17, highlighted worldwide cooperation for sustainable urban development and creative ideas to realize it. In the Seoul Declaration, mayors of 41 cities around the world agreed to hold